August 4, 2017 / 7:29 AM / 2 years ago

Allianz forms JV with LV= to create third largest British P&C insurer

FILE PHOTO: The logo of Europe's biggest insurer Allianz SE is seen on the company tower at La Defense business and financial district in Courbevoie near Paris, France, March 2, 2016. REUTERS/Jacky Naegelen/File Photo

FRANKFURT (Reuters) - German insurance titan Allianz said on Friday that it had agreed to create a joint venture and strategic partnership with British insurer LV= to form the third-largest property and casualty insurance company in the UK.

Allianz will pay 500 million pounds ($657.35 million) in exchange for a 49 percent stake in LV=’s General insurance business, a deal that is expected to close in the second half of this year.

In a second stage, Allianz will pay 213 million pounds for a further 20.9 percent stage taking place in 2019.

Reporting by Tom Sims; Editing by Maria Sheahan

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